01 April 2008
There is no specific limit for renting of immovable property but if the service provider provides services of the value of Rs.800000/- in previous year ( considering all types of services )than service tax is to be levied in the current year from very first receipt.Take care this limit of Rs.8 lakh has been increased to 10 lakhs from finance act 2007
01 April 2008
Service tax component remains unchanged and will be applicable @ 12.36%
However the threshold limit has extend to 10 lacs for the period 01/04/2008 to 31/03/2008.
So if your earnings from all the services is below 10 lacs in the the FY 2007-08 you need pay service tax on 10 lacs, but will be payable after crossing 10 lacs.
Registration will have to be sought after you reach 9 lacs of your turnover
But if you are renting it to an individual and its residential then no service tax is payable as it is not covered
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